PARTNERSHIP FIRM GST REGISTRATION ONLINE

PARTNERSHIP FIRM GST REGISTRATION ONLINE

PARTNERSHIP FIRM GST REGISTRATION ONLINE


GST Registration is necessary for each Firm whose turnover crosses 40 lakhs each year. But there are also some Firms for whom registration is necessary if the business entity did not go above the predefined turnover. For instance, for any e-commerce firm, it is essential to have a certificate of GST.


GST TYPES

State Goods or Services Tax (SGST)
Central Goods or Services Tax (CGST)
Integrated Goods or Services Tax (IGST)
Union Territory Goods or Services Tax (UGST)


DOCUMENTS REQUIRED FOR GST REGISTRATION FOR PARTNERSHIP FIRM

  1. Aadhaar card and pan card of every partner
  2. Passport size photo of every partner
  3. Pan card of partnership firm and partnership deed
  4. Primary signatory approval letter
  5. Mobile number and Email Id of every partner
  6. Business activities and business name
  7. Any two proof of business like property document, electricity bill, NOC, rent agreement, and consent letter


ADVANTAGES OF GST REGISTRATION

There are many advantages for GST Registration, such as below:

  1. A superior number of goods or services are excused from levy and charged at five percent or less.
  2. The deprived would get their due. Also, the little dealers would discover themselves on a level playing field
  3. Services and goods would permit shifting freely across the nation
  4. Raised competition among companies or manufacturers would benefit customers
  5. Items like two-wheelers, movie ticket prices, stoves, TVs, SUVs, washing machines, luxury cars, etc., would be no expensive.
  6. Suitable for a Simplified levy structure with more minor amount exemptions.


WHO REQUIRES GST REGISTRATION?

  1. Any supplier of products or services that creates a taxable account provides aggregate revenue of over Rupees twenty lakh needs to get registration.
  2. If you are offering goods or services outside the nation, you require GST registration.
  3.  For selling your products or services online, you need registration.
  4.  If the company has previous registration under service tax laws, VAT and excise rules need GST registration.
  5. If the company is trading in multitudinous states, they need GST registration.


PENALTY FOR NOT OBTAINING GST REGISTRATION

Any person or entity that crosses the aggregate turnover limit must obtain GST registration within 30 days of becoming liable to obtain GST registration. Delay or non-compliance can lead to a penalty of Rs. 10,000 and loss of input tax credit during the period of delay.


VALIDITY OF GST REGISTRATION

GST registration does not have an expiry date. Hence, it will be valid until it’s cancelled, surrendered or suspended. Only GST registration for non-resident taxable persons and casual taxable persons have a validity period that is fixed by the authorities while issuing the GST registration certificate.


DEADLINE FOR GETTING REGISTERED UNDER GST

An entity liable to be registered under GST should apply for registration within 30 days of meeting the criteria. Casual taxable persons and non-resident taxable persons are required to be registered under GST prior to commencing business.


Created & Posted By Suraj Kumar
Paid Assistant at TAXAJ

TAXAJ is a consortium of CA, CS, Advocates & Professionals from specific fields to provide you a One Stop Solution for all your Business, Financial, Taxation & Legal Matters under One Roof. Some of them are: Launch Your Start-Up Company/Business, Trademark & Brand Registration, Digital Marketing, E-Stamp Paper Online, Closure of Business, Legal Services, Payroll Services, etc. For any further queries related to this or anything else visit TAXAJ

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